Change is (probably) coming to Formula One. Rumors had been surfacing recently regarding possible new ownership of the racing series, and those rumors proved correct on Wednesday. US-based Liberty Media Corp. announced it will purchase F1. The deal will cost Liberty Media $1.1 billion in cash along with a large number of shares, and the company will assume $4.1 billion of debt.

The purchase could mean big things for F1 fans in the US and on the Internet, two markets the sport has thus far found unfathomable under the leadership of Bernie Ecclestone. Sadly, however, the 85-year old businessman might be a fixture in F1 circles for a while longer.

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